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nsurance premiums on her policy covering 2021. How much of these premiums may Giana d deduction? If an amount is zero, enter "0". cons can deduct % of their medical insurance premiums as a deduction for

nsurance premiums on her policy covering 2021. How much of these premiums may Giana d deduction? If an amount is zero, enter "0". cons can deduct % of their medical insurance premiums as a deduction for

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The answer for as a deduction should be either for or from AGI

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Problem 10-25 (LO. 2) For calendar year 2021, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2021. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct % of their medical insurance premiums as a deduction for AGI in 2021. Thus, Giana may deduct $ as a deduction AGI and she may deduct $ as an itemized deduction (subject to the AGI floor).
Transcribed Image Text:Problem 10-25 (LO. 2) For calendar year 2021, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2021. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct % of their medical insurance premiums as a deduction for AGI in 2021. Thus, Giana may deduct $ as a deduction AGI and she may deduct $ as an itemized deduction (subject to the AGI floor).
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